IR Loan Servicing has a significant track record in special servicing for unsecured commercial loans.

The company has enhanced its internal training programs and data backup systems, and we expect it to uphold these enhancements.

We have affirmed our ABOVE AVERAGE servicer evaluation ranking on IR Loan Servicing as a commercial finance special servicer. We revised the outlook on the ranking to positive.

TOKYO (Standard & Poor's) March 14, 2013--Standard & Poor's Ratings Services today said that it has affirmed its ABOVE AVERAGE servicer evaluation ranking on IR Loan Servicing Inc. as a commercial finance special servicer. At the same time, we revised the outlook on the ranking to positive from stable. The company remains on Standard & Poor's Select Servicer List in the commercial finance special servicer category.

IR Loan Servicing was established in June 2000, and the Ministry of Justice licensed the company as Japan's 51st servicer in June 2001 to conduct servicing operations as allowed under Japan's Law Concerning Special Measures for the Servicing Business (Servicer Law), which came into effect in February 1999. IR Loan Servicing's main business activity is the special servicing of unsecured and secured commercial loans and small receivables, mainly those extended to individual borrowers.

Our affirmation of the ranking on IR Loan Servicing as a commercial finance special servicer, as well as our upward revision of the outlook on the ranking, primarily reflects the following: (1) The company has preserved its significant track record in special servicing for unsecured commercial loans, despite reorganizing its structure through fiscal 2010 (ended March 31, 2011), and we expect it to maintain this track record; (2) the company has enhanced its internal training program and data backup systems, and we expect it to uphold these enhancements; and (3) the company has continuously worked to improve its internal control system.

We affirmed our overall ABOVE AVERAGE ranking on IR Loan Servicing as a commercial finance special servicer and revised upward the outlook on the ranking after examining and analyzing various factors, including the following:

The company's track record as a commercial finance special servicer;

The servicing experience of its management team and collection staff;

The company's detailed internal policies and procedures;

Its future business development plans;

The implementation and results of its internal audits;

The progress it has achieved in establishing internal controls;

Its internal training programs;

Its disaster recovery plans, including data backup systems;

The quality and capacity of the computer systems that support its day-to-day servicing operations;

Its efforts to streamline servicing operations;

Its effective boarding of loans;Its cash management methods; and

Its ability to report to relevant parties.

Standard & Poor's servicer evaluations are based on an objective and comprehensive assessment of a servicer's operational abilities for servicing various types of receivables and obligatory rights. Based on the assessment, we assign rankings in the following five categories: STRONG, ABOVE AVERAGE, AVERAGE, BELOW AVERAGE, and WEAK.

To be included in, or to remain on, Standard & Poor's Select Servicer List, servicers must, in principle, meet the criteria for attaining at least an AVERAGE ranking with a stable outlook.

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